Americans for Financial Reform

Sign on Letter: Investors Oppose Rushed JOBS Act Rulemaking

With the SEC poised to adopt its first major rule under the controversial JOBS Act next week, former regulators, securities law experts, and advocates for investors, workers, and older Americans have called on SEC Chairman Mary Schapiro not to move forward with rulemaking without first carefully examining the potential harm to investors, developing a regulatory approach designed to minimize those harms, and putting its regulatory proposal out for public comment. At its August 22 meeting, the SEC is reportedly considering lifting the ban on general solicitation and marketing in private offerings through an interim or temporary rule, a move that advocates say would be a clear violation of the letter and the spirit of the Administrative Procedures Act.

AFR Comment Letter: Oppose Delay of International Derivatives Rules

AFR submitted a comment letter to the CFTC opposing the delay of key international derivatives rules. At a minimum, safe guards should be maintained if the delay is granted.

AFR in the News: Talking Populist, Walking Plutocrat: Paul Ryan on Dodd-Frank and the Volcker Rule

In a little noted speech to his constituents in May, Paul Ryan decried the “crony capitalism” that he said, prompted the big bank bail-outs of 2008 (though he himself voted for the TARP, and he himself gets massive campaign contributions from big financial firms).

AFR in the News: AFR Policy Director Marcus Stanley Discusses the Benefits of Regulation for Consumers on CNBC

AFR’s Policy Director, Dr. Marcus Stanley, appeared on CNBC to discuss the benefits of regulation for consumers on CNBC.

AFR Press Statement: CFPB Stands Firm on Protections for Millions Sending Money to Family and Friends Overseas

FOR IMMEDIATE RELEASE CONTACT: Jim Lardner at 202-466-1854 Jim@ourfinancialsecurity.org The Consumer Financial Protection Bureau has moved forward with important protections for consumers who send money to relatives and friends overseas. Under the terms

AFR Letter: Oppose H.R. 2446

AFR sent a letter to members of Congress urging them to oppose H.R. 2446. This legislation will exempt payments related to homeowner warranties (also known as home service contracts) from the Real Estate Settlement Procedure Act’s ban on kickbacks and referral fees. We believe exempting payments related to these products from the ban on kickbacks and referral fees would be harmful to consumers.

AFR Celebrates the First Birthday of the CFPB

AFR sponsored an event celebrating the first birthday of the CFPB with Director Richard Cordray. The even was cosponsored by AFL-CIO, Consumer Action, Consumer Federation ofAmerica, Consumers Union, The Leadership Conference on Civil and Human Rights, National Community Reinvestment Coalition, National Fair HousingAlliance, and U.S.PIRG

Press Release: Advocates Urge CFPB to Ban Overdraft Fees and Payday Loans on Prepaid Cards

Consumer advocates, civil rights groups, and community organizations across the country urged the Consumer Financial Protection Bureau to ban overdraft fees and payday loans on prepaid cards in numerous comments filed with the Bureau yesterday.

AFR and CFA Letter Endorsing S. 3416

AFR and CFA sent a letter endorsing S. 3416, a piece of legislation which would enable the SEC to impose more meaningful fines on those who violate the securities laws and perpetrate fraud.

AFR Letter: Oppose H.R. 6139

AFR sent a letter to members of Congress urging them to oppose H.R. 6139. This legislation would weaken consumer protection against financial abuses, undermine the authority of the CFPB over a huge swath of consumer financial products and services, and override state consumer protection laws through preemption.